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More Bad News For Social Security Benefits
Posted in: News on October 15th, 2012

As election time nears, the discussion over the fate of Social Security benefits deepens. While it is unclear as to whether funds will be available in the next several years, one important fact has surfaced; the cost-of-living adjustment for 2013 is expected to be meager, at best.

Economic Woes

The recession has hit the wallets of all Americans hard, but those who live on fixed incomes are finding it more challenging each year to make ends meet. Recent reports are suggesting the Social Security cost-of-living adjustment (COLA) won’t be increasing as much as expected. This time last year, it was announced that a 3.6 percent increase would be given to benefit recipients to help accommodate the ever rising costs of daily living expenses. This year, the increase will only be 1.4 percent, not nearly enough to help combat costs for seniors.

The Medicare Part B premium rates are also expected to rise next year, eating up much of the 1.4 percent COLA amount. Last year, Part B expenses rose by $3.50 per month, taking up 0.3 percent of the COLA amount; whereas Part B expenses could rise by as much as $9.20 a month next year, a large portion of such a small COLA increase. Final word on the COLA and Part B amounts is expected to be released later in October, after the Bureau of Labor Statistics releases its final analysis of inflation for the year.

 

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